Packard Apartments Set for $4.1M Makeover

WARREN, Ohio – A $675,000 Ohio Historic Preservation Tax Credit will support renovation of the Packard Apartments building in downtown.

The tax credit is part of the financing package for the $4.1 million renovation project that will create 17 market-rate apartments at 318 N. Park Ave., the Ohio Development Services Agency announced Wednesday.

The agency awarded $36,057,985 in Ohio Historic Preservation Tax Credits for the rehabilitation of 28 historic buildings. Together, the projects are expected to leverage approximately $250 million in private investments in 10 communities

The property here is owned by Historic Packard Apartments LLC, Louisville, Ohio, which bought it for $55,000 in 2010, according to Trumbull County property records. State records show the business’ incorporator as Steven Coon of Fairlawn. I

t is the third historic preservation project in Warren that has received state tax credits, and the first residential project, according to the state agency. The building, which has been vacant since 2006, will be reconfigured to combine smaller units to result in four units per floor. The original boiler house outbuilding will be rehabilitated to house one additional 2-story residential unit.

Packard Apartments, built in 1898, is listed as a contributing building to the Warren Commercial Historic District, which encompasses most of downtown, state documents show.  The project, which will revitalize a neglected corner just one block north of the city center, aims to be a catalyst in downtown redevelopment.

Copyright 2020 The Business Journal, Youngstown, Ohio.